PM launches EoDB Grand Challenge

PM launches Ease of Doing Business Grand Challenge, addresses cross-section of Industry representatives

The Prime Minister, Shri Narendra Modi, launched the Ease of Doing Business Grand Challenge at an event in Lok Kalyan Marg in New Delhi.

The objective of this challenge is to invite innovative ideas based on Artificial Intelligence, Internet of Things, Big Data Analytics, Blockchain and other cutting edge technology to reform Government processes. The platform for the Grand Challenge is the Startup India Portal.

SEZ study Report Submitted

The Baba Kalyani led committee constituted by the Ministry of Commerce& Industry to study the existing SEZ policy of India submitted its report to the Union Minister for Commerce & Industry and Civil Aviation, Suresh Prabhu, in New Delhi.

The objectives of the committee were to evaluate the SEZ policy and make it WTO compatible, suggest measures for maximizing utilisation of vacant land in SEZs, suggest changes in the SEZ policy based on international experience and merge the SEZ policy with other Government schemes like coastal economic zones, Delhi-Mumbai industrial corridor, national industrial manufacturing zones and food and textiles parks.

First Assay and Training Institute of India launched

The World Gold Council (WGC) and MMTC-PAMP India Pvt. Ltd. have jointly launched the ‘Precious Metals Assay and Training Institute’ (PMATI) to develop a new generation of skilled assayers. The initiative is a world class training facility that will establish assaying as a certified qualification and career in India, and will directly enhance the integrity of gold and the standardisation of best practices in the precious metals industry.

A qualified assayer is a person who is proficiently trained in verifying the purity of gold in ornaments, coins and bars and must adhere to high standards of professional conduct. The process of assaying is vigorous, highly technical, and needs ample knowledge. This is one of the most sought-after skills in the gold industry.

Cycle 9 remains lower than previous & YoY!

Anglo American rough diamond sales value

For De Beers' ninth sales cycle of 2018

Anglo American plc announces the value of rough diamond sales (Global Sightholder Sales and Auction Sales) for De Beers' ninth sales cycle of 2018, amounting to $440 million.

Bruce Cleaver, CEO of De Beers Group, said: "As the industry's focus turns towards the key end of year retail selling season, rough diamond sales continued to be in line with expectation during the ninth cycle of the year. While demand for smaller, lower quality rough diamonds continues to see some challenges, the latest cycle saw some signs of improvement in this area as factories in India begin to reopen after Diwali."

                [1] Cycle 9 2018 provisional sales value represents sales as at 19 November 2018.

                [2]Cycle 8 2018 actual sales value is restated following the earlier publication of a provisional figure for the eighth sales cycle of 2018.

                [3]Sales values are quoted on a consolidated accounting basis. Auction Sales included in a given cycle are the sum of all sales between the end of the preceding cycle and the end of the noted cycle.

Good Thanksgiving Weekend arrives in US?

Retailers are preparing for one of their biggest weekends of the year as an estimated 164 million people are already planning to go shopping Thanksgiving Day through Cyber Monday, according to the annual survey released by the National Retail Federation and Prosper Insights & Analytics.

“Whether it’s heading to the stores after finishing their turkey or going online on Cyber Monday, consumers will be shopping all weekend and retailers will be ready to meet the demand,” NRF President and CEO Matthew Shay said. “Retail is a vibrant, dynamic and competitive industry, but one thing is certain – consumers are the winners no matter which day or which way they shop.”

Swarovski Dealer opens a new store

Recently Mahesh Diamond, exclusive Dealer of Swarovski Zirconia in Andhra Pradesh & Telangana state opens one more-bigger shop in Hyderabad for selling exclusive Swarovski Zirconia. A Timeless Appeal of Swarovski Zirconia a popular trend in gold and silver Jewellery in India.

Mr Rajendra Jain, Managing Director, India - Swarovski Gemstones inaugurates the new shop & office along with Mr Manoj Pareek, Mr Mahesh Pareek family, Mr Vivek Gurung from Swarovski and branding partners of Swarovski Gemstones Mr Mahendra Tayal- Anmol Jewellers Hyderabad, Mr Ashok Agrawal - Kailashnath & Co; Mr Arun Agrawal - Arun Jewellers, and others like Mr Mahaveer Jain- Vipin Gems. Vicky Agrawal- V. S. Jewellers, Rajaram Jewellers and entire Jewellery fraternity of Hyderabad graced the occasion with their presence.

Palladium draws fresh speculative interest

Palladium caught yet another bid this week, once again hitting fresh highs Thursday of around $1,180/oz, and only just shy of that during Friday trade, as speculators bought into already tight physical market conditions, sources said.

One trader said to S&P Global Platts that palladium is the one thing that keeps him up at night. He said he believes that the metal has a lot more upside, but having already gained around 40% since August alone, he is cautious of getting too long.

AWDC supports MyKYCBank

Due to the great interest in MyKYCBank, new info sessions about this have been planned for January 2019, said AWDC. MyKYCBank allows diamond traders to register on the platform, where they are to fill in all their KYC information and upload the supporting documents. As such, all KYC documents, from proof of company registration to passport copies of directors, are saved in the system.

By making connections with other companies on the platform, this information can be shared between members of the platform. This way, you no longer need to ask all KYC documents from your client, but you can download them from the platform and keep them for your administration.

Contribution of women in mining recognized

The Minerals Council South Africa congratulates the Women in Mining (WIM) Top 100 Global Inspirational Women in Mining revealed at the launch of the 2018 publication in London, with Daphne Mashile Nkosi (a 2015 South African nominee) - executive chairperson, Kalagadi Manganese - as the guest speaker.

This is the WIM third edition of the Top 100 Global Inspirational Women in Mining, which aims to showcase the significant impact and contribution of women within the global mining industry while identifying inspirational role models. The search was open to any woman working in the mining sector, including industries related to or supporting the industry.

Refinitiv Interim Silver Market Review!

At the Annual Silver Industry Dinner hosted by the Silver Institute, Johann Wiebe, Lead Analyst in the GFMS team at Refinitiv presented the GFMS / Silver Institute Interim Silver Market Review, which includes provisional supply and demand forecasts for 2018. According to its’ highlights, the silver market is expected to experience a physical surplus of 35.3 Moz which is substantially higher than the previous year.

Net holdings of ETPs have contracted 0.5 Moz to-dates, following seven annual increases in the last decade. On the other hand, exchange inventories have increased for the third consecutive year in 2018, particularly on COMEX which represents approximately 76% of total, rising by 52.5 Moz. As such, the net balance is expected to post a shortfall of 16.7 Moz.